Nel ASA

Board/Management Information • Jun 21, 2016

NEL ASA: Bent Skisaker appointed new CFO of Nel

NEL ASA: Bent Skisaker appointed new CFO of Nel

(Oslo, 21 June 2016) Bent Skisaker has been appointed Chief Financial Officer of

Nel ASA (Nel) with effect from 1 September 2016.

"We are happy to announce Bent as the new Chief Financial Officer of Nel. Bent

has extensive experience as a financial executive from performance-driven listed

- and private equity owned companies, and his background is a perfect fit for

the industrial growth phase Nel has entered. I look forward to working with Bent

as a part of the management team where he will play an important role," says Jon

André Løkke, Chief Executive Officer of Nel.

Skisaker comes from a position as Chief Financial Officer (CFO) of Eureka Pumps

and has more than ten years experience as CFO in various companies in the Aker

Group. Bent has also served eight years as an auditor and financial advisor at

Ernst & Young/Arthur Andersen. Skisaker holds a Master in Accounting and

Auditing from the Norwegian School of Economics (NHH), a B.A. of Business

Organisation from Heriot-Watt University, and is qualified as a State Authorised

Public Accountant in Norway.

1 June 2016, Nel established the new Nel Hydrogen Solutions division focusing on

new markets like California and Japan. In addition, the markets in Germany and

Scandinavia represents significant opportunities. The key business propositions

are:

·  Hydrogen fueling station networks, including hydrogen production

·  Renewable hydrogen production from small- to large scale projects

·  Energy storage solutions and constant renewable supply

·  Operation, maintenance, ownership, and financing solutions

"Nel Hydrogen Solutions aims to be the preferred business partner for the

hydrogen industry in California, Japan and Germany for the development of

hydrogen solutions across the value chain, from hydrogen fueling stations

networks to large-scale renewable hydrogen production plants. Nel Hydrogen

Solutions leverages on the experience from delivering and operating the entire

Danish hydrogen network, in collaboration with leading oil-, energy- and gas

companies. Nel Hydrogen Solutions will also be responsible for the deployment of

equipment to Uno-X Hydrogen and the building of a network of hydrogen fueling

stations that will enable fuel cell electric vehicles to operate between all the

major cities in Norway within 2020," says Løkke.

Following the appointment, Nel's management group will consist of the following

five executives and three division managers:

· Chief Executive Officer: Jon André Løkke

· Chief Financial Officer: Bent Skisaker

· Chief Technology Officer: Anders Søreng

· Market Development/PR: Bjørn Simonsen

· Business Development: Mikael Sloth

Division managers:

· Nel Hydrogen Electrolyser: Lars Markus Solheim (operations in Notodden,

Norway)

· Nel Hydrogen Fueling: Jørn Rosenlund (operations in Herning, Denmark)

· Nel Hydrogen Solutions: Jacob Krogsgaard (system integration)

"With this last appointment, Nel has establisted a management team ready to

leverage on the growth opportunities going forward, " says Løkke.

Skisaker assumes the CFO position September 1 2016, succeeding CFO Lars

Christian Stugaard.

"Lars Christian has served as both interim CEO and CFO during a very important

and successful period for Nel. He has played an important role in the

development of the company, following the road from inception as a listed

company to where Nel stands today. Lars Christian will continue to support Nel

during the transision phase and I would like to thank him for his dedication and

great efforts to Nel," Jon André Løkke concludes.

For additional information, please contact:

Jon André Løkke, CEO, +47 90 74 49 49

About Nel

Nel is a global, dedicated hydrogen company, delivering optimal solutions to

produce, store and distribute hydrogen from renewable energy. We serve

industries, energy and gas companies with leading hydrogen technology. Since its

foundation in 1927, Nel has a proud history of development and continual

improvement of hydrogen plants. Our hydrogen solutions cover the entire value

chain from hydrogen production technologies to manufacturing of hydrogen fueling

stations, providing all fuel cell electric vehicles with the same fast fueling

and long range as conventional vehicles today. www.nel-hydrogen.com.